Subject. The article investigates ensuring the sustainability of the oil and gas industry in countries experiencing a shortage of their own oil and gas resources. Objectives. The study examines optimal prospects for sustainable development of China's oil and gas industry, facing raw materials scarcity for a 10-year planning horizon. Methods. The study employs mathematical modeling method, like Pospelov solving matrices, to identify the most promising ways for the Chinese Government to achieve sustainable development of the oil and gas industry, taking into account the identified problems. Results. The paper unveiled promising areas of sustainable development of the oil and gas industry for the next decade. It predicted potential consequences and feasibility of these areas, using a multi-criteria economic and mathematical model. The comprehensive analysis of the results enabled to formulate recommendations for sustainable development. Conclusions. One of the forecasts for sustainable development of the oil and gas industry for the next 10 years is that the traditional oil and gas industry, in cooperation with research institutes on new energy sources, will develop new energy technologies. This will increase the energy efficiency, improve productivity, and reduce production costs. In addition, the introduction of carbon capture and utilization technologies will help reduce emissions of harmful compounds into the environment.
Keywords: mathematical modeling, sustainable development, oil and gas industry, oil and gas development, hydrogen energy
References:
Kulyasova A.S., Esina A.R., Svirchevskii V.D. [Economic and mathematical modeling as an effective tool of the analysis of economic processes in industry]. Ekonomika promyshlennosti, 2019, vol. 12, no. 3, pp. 316–322. (In Russ.) DOI: 10.17073/2072-1633-2019-3-316-322 EDN: LIAHWQ
